Waaree Energies Offers Easy Financing Solutions to Catalyze Solar Adoption in Residential and SME Segments

Unique EMI options will cover 70% of the total solar project cost

MUMBAI, July 29, 2019 /PRNewswire/ -- Waaree Energies Ltd., India's leading EPC player and largest solar PV manufacturer, today announced a unique financial lending facility for solar solutions with the aim to make solar energy accessible to the masses. With special focus on the residential and the small-scale segment, the loan will cover up to 70 percent of the total project cost repayable via easy EMIs. For this purpose, Waaree has partnered with Metafin Cleantech, an NBFC specialising in renewable energy and clean tech. 

With rooftop solar touted to be critical in achieving the renewable targets set by India, the residential segment plays a key role in the growth of the segment. A recent report states that residential segment only holds about 9% of the total solar capacity despite the commercial viability of solar adoption over grid tariffs in most states. A total of 37.5GW addition is required from the residential segment to attain India's ambitious targets.

Sunil Rathi, Director, Waaree Energies said, "We have observed that despite increasing awareness and demand of solar solutions in small and residential segment ,the adoption of such technologies is slower due to the high cost of solar projects. It is relatively easier for the mid and large segment to avail of the OPEX model and thus eradicate the need for heavy investments. Hence, the ease of financing through Waaree in association with NBFCs is intended to bridge such gaps and cater to the ever-evolving need of the solar segment. Coupled with state specific residential subsidies, this offering is expected to create financial viability for the end consumer. With our countrywide network, we aim to make this feature available across India and provide benefits of green energy."

Sandeep Chopra, Founder - CEO, Metafin said, "In our view, retail segment for solar is currently relatively under-penetrated. This is largely due to the lack of financing options to solve the upfront capital problem, availability of reliable system installation & technology and ongoing system maintenance. By partnering with Waaree Energies (and their retail network) along-with our innovative financing schemes, we believe we can solve these problems for retail customers resulting in accelerated adoption of solar as a preferred source of energy."

Aditya Shah, Director, Metafin said, "Metafin's strength in credit assessment, deep understanding of the solar sector and innovative financial products designed around our customer's needs positions us well to scale robustly at a PAN-India level. We enable customers to adopt solar power to reduce their  cost of energy which has driven significant inbound demand over the past several months."

To achieve India's ambitious 175 GW target, the solar capacity of India has witnessed substantial growth, especially in the commercial and industrial segments. This innovative financing option is India's first and only option available for these small-scale projects otherwise ignored by large banks due to their lower monetary value.

About Waaree Energies:
Waaree Energies Ltd. is the flagship company of Waaree Group, and has the country's largest Solar PV Module manufacturing capacity of 1.5 GW. In addition, it is one of leading players in India in EPC services, project development, rooftop solutions, solar water pumps, and as an Independent Power Producer. Waaree has its presence in over 270+ locations nationally and 68 countries globally.